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djchewmacca

Just Had A Chat On Msn Regarding Mortgages With A Friend

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I've recently had a chat on MSN with a friend of mine. Why are people so blind?

Andway, here is the conversation... BTW, I live in the North East and £125k for a house is REALLY expensive for any FTB.

-------------------------------

HIM says:

me n ******* are gonna get a house

ME says:

how much r u going to pay for one?

HIM says:

*******'s mam n dad had thers valued at over £125,000 but there buying a new house and the company pays the xtra they need a very quick sale like 2 weeks

quick so we are going to offer £105,000

ME says:

105k

HIM says:

aye

ME says:

that's a lot of money

ME says:

a lass from work is paying 87k for a house on *********. her mortgage repayments are £560/mo

ME says:

then add your council tax to that.. ours is £90/mo

ME says:

then the ntl bill which is normally about £45/mo

HIM says:

i know we gonna buy 4 that coz we have a lot more time to sell themn straight away put it bak up 4 sale 4 £125k makin a profit on 20 grand

ME says:

if u can sell it

ME says:

just be very careful

HIM says:

they only have 2 weeks so its worth 125k but we get 4 105k we cant lose

ME says:

how can u afford the mortgage repayments?

HIM says:

payments everything in council tax mortgage insurance water rates £670

ME says:

is that a repayment or interest only mortgage?

HIM says:

100pc mortgage but we r only selling not living in it

ME says:

another thing to consider is that the interest rates are on the rise

ME says:

they've gone from 4.5pc to 4.75pc and they may go up even higher which will make selling the house harder

HIM says:

i know but we hope only 2 have on the market 4 to 8 weeks

ME says:

i'm just trying to make you aware.... be very careful

ME says:

the problem is with the market being the way it is. houses are usually on the market much much longer

HIM says:

its a venture theres no way of losing we either make a lot of money or very little but we cant lose weve looked it all through been to c a financial advisor

everthing

HIM says:

the quicker we sell the better but even if we dont we r getting a house 20 k under budget

ME says:

www.housepricecrash.co.uk/forum

HIM says:

tryed it

ME says:

k

HIM says:

the house was originally priced at £128.5k but they decided put up 4 £124.995 coz then u dont have pay stamp

ME says:

i know.. that's more expense

HIM says:

its a oppurtunity that'll only come once so we gonna take a risk

ME says:

just work out what u will be paying

HIM says:

670 everythin unless we live there

ME says:

our gas and elec was £250 per quarter

ME says:

i know it's just gone up so not sure what the next bill will be like

HIM says:

im not ready 2 move out yet just fancy a challenge

HIM says:

we got a meetimng with robinsons on friday

ME says:

k

ME says:

just hope u can sell it then

ME says:

have a look around the area.. try and find out what houses are up for sale and find out how long they have been on the market for

HIM says:

i am very worried about it, but im young no ties so i think its the best time

ME says:

you will have ties if u buy the house

HIM says:

i know like i sed its just a money maker

HIM says:

2 months max

ME says:

check out a couple of estate agent websites and have a look see

HIM says:

up 20k profit

HIM says:

been on losads been looking 4 a while now

HIM says:

its not deffo like just really thinking bout it

HIM says:

or rite i know wot u saying n i appreciate the concern but i just believe its 2 good an opputunity 2 turn down

ME says:

well i hope ur right

HIM says:

me 2

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If he is planning to sell asap the chances of losing a significant amount of money is unlikely. On the other hand it may well make him up to £20k which is a nice deposit for a home he can also live in. I took a similar risk last year and so far it has paid off. At least he has taken the precaution of talking it through with an advisor, not to mention the harshest posible critic, a HPC bear :D

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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